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Land and other assets of
The procedure is spelled out in an agreement between
The 13-page agreement was filed in
To go into effect, it needs the approval of U.S. Bankruptcy Judge
FitzSimon has set a hearing about the proposal for
The family business closed and filed for bankruptcy liquidation in December.
The shutdown idled 36 employees, including owners
Susquehanna has liens on most of
These include store inventory, quilts, paintings, antiques, unsold books and
The bank also has liens on the cooking store property, a 2-acre parking lot and 26.6 undeveloped acres, all in
Under the proposal, Susquehanna would keep the funds that
To turn the other assets into cash, the trustee would hire an auctioneer and broker to sell them.
Most of the net proceeds - after commissions, transfer taxes etc. - would go to the bank.
But Shubert would get
These are a law firm, accounting firm and consultant
The bank would get the proceeds of the sale of the assets plus the
Excess proceeds would go to the trustee, to be dispersed to other creditors.
Until the assets are sold, Susquehanna would be responsible for paying real estate tax on the
The bank also would be obligated for the rent on the store spaces
The procedure specified Friday eventually should result in good news for
That assumes the firm has accurately estimated its assets' value.
It also assumes Shubert has success turning a paper asset into cash, by collecting
Among the other creditors are its former employees, who are owed a collective